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<p>Some Kraken users have ended their waiting period for Mt Gox creditors as the exchange starts distributing <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> and Bitcoin Cash (BCH).</p>
<p>According to Reddit threads, most Kraken customers who had claims on Mt Gox have confirmed receiving their funds. This is a new development in the long-drawn-out case of the defunct exchange, which has been in disrepair for the past ten years.</p>
<h2 class="wp-block-heading" id="h-efficient-distribution-by-kraken-exchange"><strong>Efficient Distribution by Kraken Exchange</strong></h2>
<p>Kraken has shown effectiveness in the distribution of the assets that were recovered. As from the r/mtgoxinsolvency subreddit, it can be noted that a number of users have reported receiving the corresponding notifications regarding the transfer of their funds.</p>
<p>This action by Kraken is in stark contrast to other exchanges where creditors are still being delayed. For example, those associated with Bitstamp might have to wait for a couple of days or even a couple of weeks to get their repayment.</p>
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   <p lang="en" dir="ltr">Mt. Gox creditors received <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> 4 hours ago.<br><br>There has been no significant spike in hourly spot trading volume dominance or <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> outflows on Kraken since then.<br><br>We need to wait for the Asian time zone, but it's a positive sign so far. <a href="https://t.co/xxGSiYt33I" rel="noopener noreferrer nofollow">pic.twitter.com/xxGSiYt33I</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1815871183549604051?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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<p>Furthermore, Bitstamp had received 2238.87 BTC, which is approximately $150 million. Post this Bitstamp users had to wait for another 7-14 days to receive their share of the distribution. This could be end of July or early August.</p>
<p>Bitstamp, consequently informed its users that the funds will be distributed as soon as the exchange receives the allocated assets..</p>
<h2 class="wp-block-heading" id="h-mt-gox-creditors-holdings-and-market-impact"><strong>Mt Gox Creditors’ Holdings and Market Impact</strong></h2>
<p>Even after getting their Bitcoin and Bitcoin Cash, the Mt Gox creditors have not made any major sell-offs. This shows an increase in the holding the assets and not just dispose of them at the first instance.&nbsp;</p>
<p>In accordance with this, a survey conducted on Reddit revealed that 260 out of 467 respondents, or 55%, intend to keep their money.</p>
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   <p lang="en" dir="ltr">so, i believe the number of coins being distributed is lower than the market expects (see all types of these headlines). and i think BCH will perform worse on a relative basis than BTC once those coins are distributed — a much larger portion will be sold by creditors into a much… <a href="https://t.co/MmlR78XNLO" rel="noopener noreferrer nofollow">pic.twitter.com/MmlR78XNLO</a></p>— Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1805244991087710341?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 24, 2024</a>
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<p>Jan3 CEO and Bitcoin advocate Samson Mow estimated that only 20% of the distributed Bitcoin may be sold. As for the rest, they may go to cold storage or be used as collateral to obtain loans.</p>
<p>On the other hand, because Bitcoin Cash is projected to be more liquid in the market, its probability of being dumped is greater.</p>
<h3 class="wp-block-heading" id="h-large-transfers-to-exchanges-and-distribution-timelines"><strong>Large Transfers to Exchanges and Distribution Timelines</strong></h3>
<p>The distribution to Kraken follows the exchange’s receipt of the remaining 48,641 BTC, worth over $3 billion, from the Mt Gox Rehabilitation Trustee on July 16th. This transfer was planned to be sent to creditors and was supposed to be completed within one to two weeks.&nbsp;</p>
<p>Arkham noted that 42,587.49 BTC was moved to new addresses, which supports the connection between Kraken’s “3JQie” address and these funds.</p>
<p>Rehabilitation Trustee Nobuaki Kobayashi revealed that more than 13,000 rehabilitation creditors had been paid back in Bitcoin and Bitcoin Cash. The trustee has encouraged all the eligible creditors to be patient as the distribution process is still ongoing.</p>
<h3 class="wp-block-heading" id="h-mt-gox-s-historical-context-and-future-distributions"><strong>Mt Gox’s Historical Context and Future Distributions</strong></h3>
<p>Mt. Gox faced a major security breach in 2014 where it lost 850,000 Bitcoins. After legal battles and the recovery process, the trustee stated in September 2023 that the creditors would be paid.</p>
<p>The payment would be with 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen in fiat currency by October 2024.</p>
<p>The current distribution phase has shown much progress, and Kraken and other exchanges such as Bitbank and SBI VC Trade have already completed their allocated repayments.</p>
<p>Concurrently, BitGo, Bitstamp, and other companies are expected to follow the same suit while observing different payout periods.</p>
<p>The price of Bitcoin has not changed significantly following the news of repayment, meaning the currency has remained strong. Currently, the price of Bitcoin is around $65,804 while the market cap remains stable.</p>
<p>However, Bitcoin Cash has seen a decline with its value decreasing by more than 5% to stand at $368.</p>
<p>Such a gap implies that BCH would be under more pressure as compared to BTC due to low liquidity and the manner of its distribution from Mt. Gox’s reserves.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/24/mt-gox-creditors-bitcoin-released-to-kraken-users-btc-price-to-tumble/" rel="noopener noreferrer nofollow">Mt Gox Creditors Bitcoin Released to Kraken Users, BTC Price to Tumble?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Mt Gox Creditors Bitcoin Released to Kraken Users, BTC Price to Tumble?

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